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  • How Private Equity Could Hurt the Accounting Profession

    How Private Equity Could Hurt the Accounting Profession

    · The Accounting Podcast

    Today, Blake, David, and special guest, ChatGpt, examine the impact of private equity on accounting firms, looking at how PE ownership affects partner compensation and firm structures. They dig into some recent data showing record numbers of accounting errors in public companies, linking these issues to the broader talent shortage crisis. Next, they explore CalCPA's pushback against proposed licensing changes, the surprising economic costs of Daylight Savings Time, and much more!

    Sponsors
    LiveFlow - http://accountingpodcast.promo/liveflow
    Suralink - http://accountingpodcast.promo/suralink
    SmartVault - http://accountingpodcast.promo/smartvault
    TaxBandits - http://accountingpodcast.promo/taxbandits


    Chapters
    (00:59) - Introducing ChatGPT as Co-Host(01:58) - Hot Topics in Accounting News(04:05) - Private Equity in Accounting Firms(07:35) - Debating the Impact of Private Equity(22:40) - DirectFile Controversy(28:02) - App News and Updates(34:23) - Enron's Return?(38:28) - Fraudsters and Presidential Pardons(42:00) - Accounting Errors on the Rise(44:52) - The Daylight Savings Debate(50:04) - AI Tools: The Good, The Bad, and The Ugly(58:26) - Final Thoughts and Announcements

    Show Notes

    Accounting errors force US companies to pull statements in record numbers

    https://www.ft.com/content/716c4ad5-e8fa-4a34-afba-9fb2d1db019d

    Republican lawmakers ask Trump to kill IRS Direct File

    https://www.nextgov.com/digital-government/2024/12/republican-lawmakers-ask-trump-kill-irs-direct-file/401595/

    IRIS to buy Dext in £500m deal

    https://www.accountingweb.co.uk/tech/accounting-software/iris-to-buy-dext-in-ps500m-deal

    How Private Funds Could Hurt Americans Under Trump

    https://www.nytimes.com/2024/12/03/opinion/trump-presidency-billionaires.html

    LegalZoom and 1-800Accountant Join Forces to Deliver Full-Service Tax and Bookkeeping Solutions for Small Business Owners

    https://investors.legalzoom.com/news-releases/news-release-details/legalzoom-and-1-800accountant-join-forces-deliver-full-service

    Zoho Releases New Payroll Solution in the U.S.

    https://www.cpapracticeadvisor.com/2024/12/13/zoho-releases-new-payroll-solution-in-the-u-s/152935/

    BILL Unveils 1099 Form Filing Solution for SMBs

    https://investor.bill.com/news/news-details/2024/BILL-Unveils-1099-Form-Filing-Solution-for-SMBs/default.aspx

    Is Enron back? Here’s what we know …

    https://www.houstonchronicle.com/news/houston-texas/trending/article/is-enron-back-houston-19953844.php

    CalCPA Submits Comments on Exposure Draft on CPA Licensure

    https://www.calcpa.org/whats-happening/articles/calcpa-submits-comments-on-exposure-draft-on-cpa

    CEOs Want Trump to Change Course on Tariffs. He Isn’t Budging.

    https://www.wsj.com/economy/trade/trump-tariff-plan-business-lobbying-8f02ccea

    Donald Trump vows to end daylight saving time

    https://www.youtube.com/watch?v=EDR1IURzO1Q

    More Than a Lost Hour of Sleep: The True Cost of Daylight Saving Time

    https://www.chmura.com/blog/dst#:~:text=our%20methodology%20below.-,Results,was%20approximately%20%24672.02%20million%20annually


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    Get in Touch

    Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

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  • New IRS Commissioner Was An ERTC Peddler

    New IRS Commissioner Was An ERTC Peddler

    · The Accounting Podcast

    Blake and David take a look at several significant developments in the accounting world, including Trump's controversial IRS Commissioner nomination of former Congressman Billy Long. They also dig into updates on the Macy's accounting scandal and explore Square's potential move into accounting software with their new head of Product Accounting Solutions hire. They also share insights from the AICPA's 2024 CAS benchmark survey showing significant growth in client accounting services practices and much more!

    Sponsors
    RoboDebit - http://accountingpodcast.promo/robodebit
    Relay - http://accountingpodcast.promo/relay
    Cloud Accountant Staffing - http://accountingpodcast.promo/cas
    TaxBandits - http://accountingpodcast.promo/taxbandits


    Chapters
    (00:28) - Welcome to The Accounting Podcast(00:40) - Digital CPA Conference Highlights(01:17) - CAS Practices on the Rise(02:22) - IRS Commissioner Nominee: Billy Long(03:42) - Employee Retention Tax Credit Controversy(14:45) - Macy's Financial Misstatements(28:30) - Intuit Assist: A Closer Look(29:48) - The Evolution of Bill Scanning with AI(31:25) - AI's Impact on Accounting Tools(33:06) - AI and Tax Returns: The Future of Automation(34:54) - Relay: The Ultimate Small Business Bank(36:19) - Supermicro's Accounting Scandal(40:48) - Square's Move into Accounting Solutions(57:21) - The Rise of Client Advisory Services(01:00:55) - Closing Remarks and Future Insights

    Show Notes

    He Promised Huge Tax Refunds. Now Trump Wants Him to Lead the I.R.S.

    https://www.nytimes.com/2024/12/06/us/politics/billy-long-trump-irs-tax-credit.html

    Brainsky Unleashed (Instagram) – Billy Long – December 6, 2024

    https://www.instagram.com/brainskyunleashed/reel/DDQS_GjRn4P/

    Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say

    https://www.cnbc.com/2024/12/11/macys-m-earnings-q3-2024.html

    Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal

    https://www.wsj.com/business/retail/macys-m-q3-earnings-report-2024-c7363662

    LinkedIn – Andy Schwartz – Profit Labs Update – December 6, 2024

    https://www.linkedin.com/posts/andy-schwartz-233b359_profit-labs-update-i-am-excited-to-share-activity-7269157016051298305-rYAW/

    Amazon integrates QuickBooks for sellers

    https://www.accountingtoday.com/news/amazon-integrates-intuit-quickbooks

    AICPA and CPA.com Benchmark Survey: CAS Practices Report 17% Growth

    https://insidepublicaccounting.com/2024/12/09/aicpa-and-cpa-com-benchmark-survey-cas-practices-report-17-growth/


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    Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

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    Transcripts

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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  • BOI Blocked | 57% of Firms Raising Prices | Creepy EY Bot

    BOI Blocked | 57% of Firms Raising Prices | Creepy EY Bot

    · The Accounting Podcast

    Congratulations to Blake for making Accounting Today's Top 100 Most Influential People list! Today, Blake and David dig into several significant developments in accounting, including a federal court's decision to block BOI reporting nationwide. They also examine which of the 57% of accounting firms plan to raise fees in 2025 and take a look at the AICPA's Experience Learn and Earn (ELE) program. There's also talk about new PCAOB reporting requirements for audit firms and the recent acquisition of Dext by Iris Software Group.

    Sponsors
    OnPay - http://accountingpodcast.promo/onpay
    Zoho - http://accountingpodcast.promo/zoho
    SmartVault - http://accountingpodcast.promo/smartvault


    Chapters
    (00:31) - Celebrating Achievements and Social Media Impact(03:16) - Key News Stories: Price Increases and Regulatory Changes(04:17) - BOI Reporting Requirement Blocked(14:21) - Raising Prices in Accounting Firms(17:39) - Experience, Learn, and Earn Program(22:26) - AICPA and Overtime Pay Ruling(30:12) - PCAOB's New Reporting Requirements(34:48) - Debating the Future of Auditing(35:50) - Impact of AI on Auditing(37:21) - Evaluating PCAOB's Effectiveness(38:32) - PCAOB Sanctions and Penalties(45:00) - Macy's Financial Controversy(48:31) - EY's AI Interview Bot(53:29) - AI's Impact on Productivity(58:14) - Dext Acquisition by Iris(01:01:58) - Closing Remarks and Future Topics

    Show Notes

    Accounting Today - The 2024 Top 100 Most Influential People https://arizent.brightspotcdn.com/c3/0f/2649ee17493eab95634bbc91f5f7/top-100-most-influential-people-updated.pdf

    Federal Court Enjoins Enforcement of the CTA Nationwide; Reporting Companies “Need Not Comply” with January 1 Deadline

    https://natlawreview.com/article/texas-federal-court-blocks-corporate-transparency-act-halts-nationwide-enforcement

    Survey Says 57% of Firms Are Raising Prices Next Year

    https://cpatrendlines.com/2024/11/14/survey-says-57-of-firms-are-raising-prices-next-year/

    Experience, Learn, and Earn
    https://experiencelearnearn.org/

    Expanded Access Now Available for AICPA-NASBA ELE Program

    https://nasba.org/blog/2024/11/15/expanded-access-aicpa-nasba-ele-program/

    Texas Judge Tosses Biden Overtime Expansion for Millions

    https://news.bloomberglaw.com/daily-labor-report/overtime-expansion-for-4-million-workers-tossed-by-texas-judge

    Follow up to the "AICPA is illegally hiding salary info on job postings". After several emails, I convinced them to comply with the law

    https://www.reddit.com/r/Accounting/comments/1g0ib4z/follow_up_to_the_aicpa_is_illegally_hiding_salary/

    PCAOB Adopts Auditor Performance Metrics, Increased Firm Reporting Rules https://tax.thomsonreuters.com/news/pcaob-adopts-auditor-performance-metrics-increased-firm-reporting-rules

    Critics see chance to close down US audit regulator under Trump

    https://www.ft.com/content/e9a7247f-84fd-4df7-8163-6518954470e9

    Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

    https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9

    KPMG Survey: AI Adoption Across US Finance Functions Reaches Highest Levels, with ROI Exceeding Expectations

    https://kpmg.com/us/en/media/news/ai-adoption-across-us-finance-functions-reaches-highest-levels.html

    IRIS Software Group Announces Intent to Acquire Dext Software Ltd.

    https://dext.com/us/iris-announces-intent-to-acquire-dext


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    Get in Touch

    Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

    Sponsorships

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    Need Accounting Conference Info?

    Check out our new website - accountingconferences.com

    Limited edition shirts, stickers, and other necessities

    TeePublic Store: http://cloudacctpod.link/merch

    Subscribe

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  • Macy's Thanksgiving Accounting Mystery

    Macy's Thanksgiving Accounting Mystery

    · The Accounting Podcast

    Blake and David examine the mysteries and motives surrounding the recent Macy's accounting scandal, where a single employee allegedly concealed $132-154 million through improper accrual entries. They also examine Trump's proposed 25% tariff plan on imports from Mexico and Canada (plus an additional 10% on China), discussing its potential impact on American businesses and consumers.

    Sponsors
    Zoho - http://accountingpodcast.promo/zoho
    Suralink - http://accountingpodcast.promo/suralink
    Cloud Accountant Staffing - http://accountingpodcast.promo/cas


    Chapters
    (00:46) - Macy's Accounting Error: Breaking News(01:40) - Understanding the Impact of Macy's Error(02:46) - The Mystery Behind Macy's Accounting Error(02:53) - Join the Live Discussion(03:42) - Upcoming Topics and Teasers(05:15) - Thanking Our Sponsors(06:42) - Diving Deeper into Macy's Accounting Mystery(19:29) - Exploring the Fraud Triangle(27:54) - Auditors and Materiality Standards(32:04) - Auditors' Role in Detecting Fraud(33:25) - Impact of Fraud on Macy's Stock(33:47) - Challenges in Auditing Practices(34:08) - Internal Controls and Their Limitations(38:53) - Expense Fraud: A Growing Concern(44:01) - AI in Auditing: The Future of Fraud Detection(52:28) - Trump Tariffs and Their Economic Impact(01:03:13) - Thanksgiving Reflections and Closing Remarks

    Show Notes

    Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

    https://apnews.com/article/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9

    Macy’s says accountant hid as much as $154M in expenses

    https://www.cfodive.com/news/macys-says-accountant-hid-as-much-as-154m-in-expenses-retail-retailing-consumers/733960/

    UPS to Pay $45 Million SEC Penalty Over Improper Valuation

    https://finance.yahoo.com/news/ups-hit-45-million-penalty-144424675.html

    Strippers, Christmas gifts and an RV: Workers push it with company cards

    https://abcdpf.livemint.com/industry/strippers-christmas-gifts-and-an-rv-workers-push-it-with-company-cards-11732157906943.html

    Ex-Jaguars employee who stole $22 million from team files lawsuit against FanDuel

    https://www.nytimes.com/athletic/5809925/2024/10/01/jaguars-lawsuit-fanduel-amit-patel/

    Trump's Truth Social tariffs pledge is a teachable moment for America

    https://www.msnbc.com/opinion/msnbc-opinion/trump-truth-social-tariffs-deportation-thanksgiving-rcna182079

    What does Trump’s latest tariff plan mean for the U.S.?

    https://www.pbs.org/newshour/politics/what-does-trumps-latest-tariff-plan-mean-for-the-u-s

    Walmart CFO Says They Don't Want To Raise Prices, But 'Prices Will Go Up For Consumers' Due To Upcoming Tariffs

    https://finance.yahoo.com/news/walmart-cfo-says-dont-want-161640110.html

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    Get in Touch

    Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

    Sponsorships

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    Need Accounting Conference Info?

    Check out our new website - accountingconferences.com

    Limited edition shirts, stickers, and other necessities

    TeePublic Store: http://cloudacctpod.link/merch

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    Transcripts

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

  • DOGE Goes After TurboTax & Remote Work

    DOGE Goes After TurboTax & Remote Work

    · The Accounting Podcast

    Blake and David discuss Trump's proposed Department of Government Efficiency (DOGE) and its potential impact on tax filing and federal remote work policies. They analyze the Pentagon's seventh consecutive failed audit and examine Intuit's ambitious plans to expand its enterprise offerings. The duo also explores a groundbreaking study showing ChatGPT-4 outperforming human doctors in medical diagnoses, highlighting AI's growing capabilities in professional decision-making.

    Sponsors
    Relay - http://accountingpodcast.promo/relay
    Suralink - http://accountingpodcast.promo/suralink
    SmartVault - http://accountingpodcast.promo/smartvault
    Artiffex - http://accountingpodcast.promo/artiffex


    Chapters
    (00:00) - Welcome to the Accounting Podcast (01:52) - DOGE's Impact on H&R Block and TurboTax Stocks(02:57) - IRS Free File Program(04:49) - Intuit's Response to DOGE Initiative(10:43) - Remote Work for Federal Employees(16:25) - Pentagon's Audit Failures(22:36) - AI Outperforms Doctors in Diagnosing Illnesses(32:12) - Boosting Productivity with ChatGPT(36:09) - Salesforce's AI Irony(38:15) - Anthropic's AI in Action(45:34) - Intuit's AI Strategy and TurboTax(48:36) - Intuit Enterprise Suite and Market Expansion(55:27) - Closing Remarks and Future Topics

    Show Notes

    Coming soon!

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    Get in Touch

    Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

    Sponsorships

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    Need Accounting Conference Info?

    Check out our new website - accountingconferences.com

    Limited edition shirts, stickers, and other necessities

    TeePublic Store: http://cloudacctpod.link/merch

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    Transcripts

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

  • Trump's Tax Plans, IRS PPS Fraud, & PCAOB Drama

    Trump's Tax Plans, IRS PPS Fraud, & PCAOB Drama

    · The Accounting Podcast

    Blake and David dive into the economic implications of Trump's election victory, including proposed tariffs that could significantly impact businesses and inflation. They explore potential tax changes under a new Trump administration, from corporate rate reductions to the elimination of the SALT cap. They also examines an alarming $47 million IRS fraud scheme targeting tax practitioners and debate the future of Bitcoin as speculation grows about a potential national Bitcoin reserve.

    Sponsors
    OnPay - http://accountingpodcast.promo/onpay
    Suralink - http://accountingpodcast.promo/suralink
    Cloud Accountant Staffing - http://accountingpodcast.promo/cas
    Artiffex - http://accountingpodcast.promo/artiffex


    Chapters
    (00:00) - Welcome to The Accounting Podcast (03:05) - Avalara Crush Conference Insights(07:48) - AI and the Future of Tax Compliance(13:21) - Trump's Economic Impact(17:26) - Tariffs and Global Trade(25:40) - Tax Proposals and Implications(36:53) - Bitcoin's Meteoric Rise and Market Speculations(47:43) - AI Adoption in the Workforce(49:53) - IRS PPS Fraud: A Deep Dive(01:00:49) - PCAOB Drama and Audit Deficiencies(01:06:49) - BOI Reporting and AICPA's Response(01:10:33) - Closing Remarks and CPE Information

    Show Notes

    How Trump Won the Economy-is-Everything Election

    https://www.livemint.com/politics/news/how-trump-won-the-economy-is-everything-election-11730973573508.html

    How Will Trump’s Universal and China Tariffs Impact the Economy?

    https://taxfoundation.org/blog/trump-tariffs-impact-economy/

    Which Workers Are Embracing AI?

    https://www.chicagobooth.edu/review/which-workers-are-embracing-ai

    Actions Were Not Taken to Timely Strengthen Practitioner Priority Service Telephone Line Authentication Controls

    https://www.tigta.gov/sites/default/files/reports/2024-10/2025ier001fr.pdf

    Fraudsters get $47 million from practitioner priority service line scheme

    https://www.journalofaccountancy.com/news/2024/nov/fraudsters-get-47-million-from-practitioner-priority-service-line-scheme

    Freddie Freeman on World Series MVP, Ohtani Media Mayhem and His Surprising Backup Career | Ep 109

    https://www.youtube.com/watch?v=ZimDH_hW7LU

    PCAOB board member complains of persecution by senators

    https://www.accountingtoday.com/news/pcaob-board-member-complains-of-persecution-by-senators

    AICPA to Congress: Delay needed in BOI reporting deadline

    https://www.thetaxadviser.com/news/2024/nov/aicpa-to-congress-delay-needed-in-boi-reporting-deadline

    New Development Re: BOI Reporting – 44 Congressmen Seek to Delay FinCEN Beneficial Ownership Reporting

    https://gpwcpas.com/new-development-re-boi-reporting-44-congressmen-seek-to-delay-fincen-beneficial-ownership-reporting/

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    Get in Touch

    Thanks for listening and the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and Instagram. If you like what you hear, please do us a favor and write a review on Apple Podcasts or Podchaser. Call us and leave a voicemail; maybe we'll play it on the show. DIAL (202) 695-1040.

    Sponsorships

    Are you interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus.

    Need Accounting Conference Info?

    Check out our new website - accountingconferences.com

    Limited edition shirts, stickers, and other necessities

    TeePublic Store: http://cloudacctpod.link/merch

    Subscribe

    Apple Podcasts: http://cloudacctpod.link/ApplePodcastsYouTube: https://www.youtube.com/@TheAccountingPodcastSpotify: http://cloudacctpod.link/SpotifyPodchaser: http://cloudacctpod.link/podchaserStitcher: http://cloudacctpod.link/StitcherOvercast: http://cloudacctpod.link/Overcast

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    Transcripts

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

  • Sasan Apologizes to Accountants at Intuit Connect

    Sasan Apologizes to Accountants at Intuit Connect

    · The Accounting Podcast

    Blake and David examine Sasan Goodarzi's apology and lukewarm reception regarding the recent controversial TurboTax ad campaign. They also take a look at Intuit's new Enterprise Suite product, which aims to compete with NetSuite and Sage Intacct by offering multi-entity accounting capabilities at a lower price point. Moving on, there's talk of Anthropic's new Claude computing capability, EY's resignation as Super Micro Computer's auditor, and Google's declining search market share in the face of AI competition.

    Sponsors
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    Chapters
    (00:41) - Intuit Connect Recap(01:37) - Intuit CEO's Apology(09:32) - Intuit's Market Strategy(15:45) - Intuit Enterprise Suite Demo(30:00) - QuickBooks New Features(36:32) - Upcoming AI Webinar Announcement(37:06) - Feedback on AI Presentation(37:47) - The Future of Tax Preparation with AI(39:34) - AI in Action: Cloud Computer Use Demo(49:46) - Fraud in Political Campaigns(52:53) - Opportunities in Small Town Tax and Bookkeeping(57:08) - EY Resigns as Super Micro Auditor(01:07:39) - Conclusion and Upcoming Events(01:07:56) - Google's Ad Revenue Threatened by AI

    Show Notes


    EY resigns as Super Micro auditor, causes stock to fall 33%

    https://www.cnbc.com/2024/10/30/super-micro-auditor-resigns-after-raising-concerns-months-earlier.html

    Intuit Connect 2024: Sasan Goodarzi on AI & the Future of Accounting

    https://www.youtube.com/watch?v=1xzKztkuhRY

    Introducing computer use, a new Claude 3.5 Sonnet, and Claude 3.5 Haiku

    https://www.anthropic.com/news/3-5-models-and-computer-use

    'All hell has broken loose': Inside Elon Musk's high-stakes pro-Trump door-knocking effort

    https://www.nbcnews.com/politics/2024-election/elon-musks-high-stakes-trump-door-knocking-effort-america-pac-rcna176255

    BDO must face AmTrust investors' fraud case after US appeals court backtracks

    https://www.reuters.com/legal/government/column-bdo-must-face-amtrust-investors-fraud-case-after-us-appeals-court-2024-11-04/

    Google’s Grip on Search Slips as TikTok and AI Startup Mount Challenge

    https://www.wsj.com/tech/online-ad-market-google-tiktok-9599d7e8

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    Transcripts

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

  • What Will Replace 150-Hour Rule? | EY CPAs Fired For Taking Too Much CPE

    What Will Replace 150-Hour Rule? | EY CPAs Fired For Taking Too Much CPE

    · The Accounting Podcast

    In this episode, Amber Setter returns to discuss the AICPA and NASBA's newly proposed competency-based pathway to CPA licensure, offering a 150-hour-rule alternative. They argue that the complexity of the plan might create more bureaucratic barriers rather than simplifying the process. There's also talk on the challenges facing the profession, including stagnant salaries and declining CPA numbers. Rounding out the show, they examine a recent story about EY firing employees for attending multiple online CPE courses at once.

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    Chapters
    (02:30) - Blake's Session on Automation Toolkit(05:11) - Sponsor Acknowledgements(05:34) - Discussion on AICPA and NASBA Competency Pathway(06:35) - Amber Setter's Insights on the Proposed Pathway(10:47) - Concerns and Practical Challenges(16:21) - Potential Impact on CPA Candidates(30:29) - Live Stream Viewer Comments and Questions(36:02) - Debating CPA Education Requirements(36:29) - Personal Journey to Becoming a CPA(37:18) - State Differences in CPA Experience Requirements(39:34) - NASBA's Influence on State Boards(41:47) - Challenges in CPA Firm Hiring Practices(42:38) - Value of Prior Work Experience(42:55) - Different CPA Licenses Across States(45:06) - Master's Degree in Accounting: Is It Worth It?(47:41) - Experience vs. Education in CPA Training(52:35) - The Appeal of Starting Your Own Firm(01:00:15) - EY's Controversial CPE Policy(01:03:09) - Innovative CPE Solutions with Earmark(01:03:55) - Future of CPE and Mental Health Initiatives(01:09:42) - Conclusion and Final Thoughts

    Show Notes

    Exposure draft: Proposed “CPA Competency-Based Experience Pathway”

    https://www.aicpa-cima.com/certifications/download/exposure-draft-proposed-cpa-competency-based-experience-pathway

    Educational Requirements for CPA Licensure

    https://www.dca.ca.gov/cba/applicants/ed-requirements.shtml

    EY Got Rid of Staff Who Took Multiple CPE Courses at the Same Time

    https://www.cpapracticeadvisor.com/2024/10/23/ey-got-rid-of-staff-who-took-multiple-web-training-course-at-once/112128/


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    Transcripts

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

  • Why Trump Will Win & AICPA Has a New President

    Why Trump Will Win & AICPA Has a New President

    · The Accounting Podcast

    Blake and David examine why Trump may win in 2024, discussing immigration's economic impact on working-class wages and how this could affect voting patterns, particularly in border states like Arizona. They also look at the AICPA's selection of Mark Koziel as its new president, questioning whether the organization truly advocates for average CPAs. Moving on, they discuss Intuit's controversial TurboTax marketing campaign and consider why Berkshire Hathaway is reducing its BOA stake due to concerns about unrealized losses in the bank's bond portfolio.

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    Chapters
    (00:33) - Introduction and Grand Canyon Adventure(02:29) - Padgett Business Model and Amanda's Role(04:19) - Sponsors and Election Involvement(06:00) - Why Trump Will Win: Analyzing the Numbers(06:29) - AICPA Leadership and Industry News(10:29) - Earmark's Growth and Future Plans(24:11) - Immigration Debate and Economic Impact(43:30) - Economic Factors in Trump's Election Loss(44:21) - Ad Break: Zoho Practice Management(46:07) - Impact of Abortion and Immigration on Elections(47:42) - Offshoring and Wage Suppression in Accounting(49:49) - AICPA's Role in Offshoring and Technology(54:05) - Introducing Mark Koziel: New AICPA President(57:48) - Ad Break: Practice Protect Cybersecurity(01:00:04) - Debate on Abortion and Political Affiliations(01:04:50) - Banking Crisis and Economic Policies(01:07:02) - Intuit's Controversial Ad Campaign(01:15:19) - Warren Buffett's Stance on Bank of America(01:25:00) - Conclusion and Upcoming Events

    Show Notes

    Do immigrants really take jobs and lower wages?

    https://www.npr.org/2024/06/28/1197959366/immigration-economics-mariel-boatlift

    Escalating Cyber Threats Demand Stronger Global Defense and Cooperation

    https://blogs.microsoft.com/on-the-issues/2024/10/15/escalating-cyber-threats-demand-stronger-global-defense-and-cooperation/

    American productivity still leads the world

    https://www.economist.com/special-report/2024/10/14/american-productivity-still-leads-the-world

    Public sector talent shortage: Unique challenges require unique solutions

    https://www.journalofaccountancy.com/news/2024/oct/public-sector-accounting-challenges.html

    Intuit asked us to delete part of this Decoder episode

    https://www.theverge.com/2024/10/21/24273820/intuit-ceo-sasan-goodarzi-turbotax-irs-quickbooks-ai-software-decoder-interview

    Buffett's Berkshire Trims BofA Stake Closer to 10%

    https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-10-08-2024/card/buffett-s-berkshire-trims-bofa-stake-closer-to-10--EQHbm5iLN4LTvbgNW29W


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    Transcripts

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  • NATP Breaks Up with Intuit & Fat Joe vs. BDO

    NATP Breaks Up with Intuit & Fat Joe vs. BDO

    · The Accounting Podcast

    Blake and David touch on several hot topics in the accounting world, including the fallout from Intuit's controversial TurboTax ad, and the National Association of Tax Preparers cutting ties with the company. They also examine Trump Jr.'s threats against Deloitte, KPMG's support for alternative pathways to CPA licensure, and rapper Fat Joe's recent experiences with BDO.

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    Chapters
    (01:16) - Controversial Intuit Ad Campaign(03:29) - Blake's Grand Canyon Adventure(04:49) - Intuit's Industry Fallout(09:58) - Tax Preparation Fee Calculator(14:34) - NATP's AI Transition(22:01) - Trump Jr. vs. Deloitte(24:17) - Trump's Tax Policy for Expats(28:08) - Popular Tax Proposals(34:42) - App News: Numeric's Big Funding Round(35:46) - Understanding Flux Analysis(37:11) - AI in Accounting: Real-World Applications(40:38) - Tax Season Tips and Client Management(43:27) - CPA Licensure and Industry Challenges(53:33) - Auditor Misconduct and SEC Rulings(57:54) - Celebrity Financial Scandals: Fat Joe's Case(01:13:59) - Closing Remarks and Upcoming Adventures

    Show Notes

    TurboTax ‘Breakup’ Ad Draws Ire From Tax Pro Org

    https://tax.thomsonreuters.com/news/turbotax-breakup-ad-draws-ire-from-tax-pro-org/

    Deloitte takes fire from Trump-Vance allies over leaked employee messages

    https://thehill.com/business/4919910-deloitte-employee-trump-criticism/

    Trump supports ending double taxation on Americans living abroad: ‘Let’s put America First’

    https://nypost.com/2024/10/14/business/former-president-donald-trump-supports-ending-double-taxation-on-americans-living-abroad/

    KPMG Supports Alternative CPA Paths to Address Accountant Shortage

    https://tax.thomsonreuters.com/news/kpmg-supports-alternative-cpa-paths-to-address-accountant-shortage

    SEC Drops Auditor Misconduct Cases After In-House Judges Ruling

    https://news.bloombergtax.com/financial-accounting/sec-drops-auditor-misconduct-cases-after-in-house-judges-ruling

    Fat Joe Suing Accountants Over Fraud Activity

    https://www.bet.com/article/dh3bcc/fat-joe-suing-accountants-over-fraud-activity

    Numeric grabs $28M Series A to automate accounting using AI

    https://techcrunch.com/2024/10/10/numeric-grabs-28m-series-a-for-automating-accounting-with-ai/

    Ex-Tingo Auditor Aided, Concealed ‘Massive Fraud,’ SEC Claims

    https://news.bloombergtax.com/financial-accounting/ex-tingo-auditor-aided-concealed-massive-fraud-sec-claims

    Fat Joe On Getting Robbed By Accountants, Using The N-Word, BET Hip Hop Awards + More
    https://www.youtube.com/watch?v=xL3RV6SHY4E

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  • OpenAI's Insane Entity Structure

    OpenAI's Insane Entity Structure

    · The Accounting Podcast

    Blake and David look into OpenAI's complex entity structure and potential conversion from nonprofit to for-profit, highlighting the significant financial implications. They also discuss the challenges facing FreshBooks amid recent layoffs and shifting market dynamics and then explore the journey of Vuori's CEO Joe Kudla, emphasizing how his accounting background contributed to the company's success. Wrapping things up, we’ve got listener questions about the value of CPA licenses and growing advisory services in accounting firms.

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    Chapters
    (02:15) - OpenAI's Nonprofit to For-Profit Dilemma(05:44) - Understanding OpenAI's Complex Structure(13:28) - The Financial Implications of OpenAI's Transition(27:34) - Vuori's CEO: From Accounting to Fashion(34:44) - The Power of Pricing: Vuori's Success Story(35:09) - The Importance of Accounting in Entrepreneurship(36:48) - FreshBooks' Struggles and Market Position(39:42) - The Future of FreshBooks and Industry Trends(46:02) - Listener Mail: CPA Value and Audit Challenges(53:34) - Exploring Advisory Services and Technology Solutions(59:22) - Closing Thoughts and Community Engagement

    Show Notes

    OpenAI closes $6.6 billion funding haul with investment from Microsoft and Nvidia

    https://www.reuters.com/technology/artificial-intelligence/openai-closes-66-billion-funding-haul-valuation-157-billion-with-investment-2024-10-02/

    How Vuori’s Joe Kudla went from accountant to fashion industry success

    https://www.goldmansachs.com/insights/goldman-sachs-talks/joe-kudla

    FreshBooks lays off 140

    https://www.accountingtoday.com/news/freshbooks-lays-off-140-staff-cites-challenging-18-months

    SEC Charges Olayinka Oyebola and His Accounting Firm With Aiding and Abetting Massive Fraud

    https://www.sec.gov/newsroom/press-releases/2024-157

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  • Intuit Attacks Tax Pros & IRS Can't Measure Audit Rate

    Intuit Attacks Tax Pros & IRS Can't Measure Audit Rate

    · The Accounting Podcast

    Blake and David discuss a controversial TurboTax ad campaign encouraging people to "break up" with their tax professionals, analyze survey data on AI adoption in accounting firms, and critically examine proposed changes to CPA licensure requirements. They also explore NASBA's influence on the profession end debate the merits of automatic mobility for CPAs across states.

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    Chapters
    (01:32) - Intuit's Controversial NFL Commercial(03:52) - TurboTax's Pricing Strategy(06:32) - Intuit's Market Strategy and Tax Pro Reactions(12:55) - IRS Audit Rates and Challenges(20:25) - EY India Tragedy and Work Culture(27:18) - AI in Accounting: Adoption and Applications(34:02) - Introduction to Perplexity(37:09) - Empowering Your Team with AI(39:11) - Challenges in CPA Firms(42:30) - WorkflowCon 2024 Announcement(44:15) - Changes to CPA Licensure(49:06) - Critique of NASBA and AICPA(57:02) - The Future of CPA Mobility(01:10:44) - Conclusion and Call to Action

    Show Notes

    TurboTax 2024 Beat Your Price Commercial "Tax Break-Up" (Official TV Ad :30)

    https://www.youtube.com/watch?v=GW7rfwO6_is

    Intuit Hosts Investor Day, Reaffirms First-Quarter and Fiscal 2025 Guidance

    https://investors.intuit.com/news-events/press-releases/detail/1215/intuit-hosts-investor-day-reaffirms-first-quarter-and-fiscal-2025-guidance

    The State of AI in Accounting Report 2024

    https://karbonhq.com/resources/state-of-ai-accounting-report-2024/

    AICPA, NASBA propose a new pathway to CPA licensure

    https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

    AICPA and NASBA Propose Changes to the Uniform Accountancy Act

    https://www.masscpas.org/news/f339a29a-f278-4bc3-bf30-b1e10d198ca2:aicpa-and-nasba-propose-changes-to-the-uniform-accountancy-act

    The Hazards of Redefining Mobility

    https://nasba.org/blog/2024/09/19/the-hazards-of-redefining-mobility/

    How Accounting Firms Can Overcome the Profit Plateau

    https://www.accountingtoday.com/opinion/how-accounting-firms-can-overcome-the-profit-plateau


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  • TikTok Tactics and Four-Day Workweeks

    TikTok Tactics and Four-Day Workweeks

    · The Accounting Podcast

    Blake and David meet with Natalie Lennon, the Australian accountant known as the "Queen of TikTok" in accounting circles. Natalie shares her experiences at Xerocon Nashville, discusses the differences between Australian and American accounting practices, and explains how she leveraged TikTok to grow her accounting business. She also outlines implementing a four-day workweek, embracing fixed-fee pricing, and her upcoming projects, including a TikTok course for accountants.

    Meet Our Guest, Natalie Lennon

    LinkedIn: https://www.linkedin.com/in/natalielennon/
    TikTok: https://www.tiktok.com/@natlenno

    Learn more about Two Sides Accounting

    Website: https://www.twosides.com.au/

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    Transcripts

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  • Remote Work Going Away or Here to Stay?

    Remote Work Going Away or Here to Stay?

    · The Accounting Podcast

    Blake and David examine the evolving landscape of remote work, discussing recent trends and their impact on productivity and employee well-being. They also explore the commercial real estate market's challenges due to the shift towards remote work and its potential implications for the banking sector. Moving on, they take a look at recent audit failures, particularly the FTX case and discuss the controversial Beneficial Ownership Information reporting requirements and some potential issues for small businesses.

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    Chapters
    (00:49) - Blake's Fitness Journey with Apple Watch(03:16) - Impact of Remote Work on Health and Productivity(06:25) - Amazon's Return to Office Policy(11:36) - CEO Perspectives on Remote Work(24:14) - Commercial Real Estate Crisis(28:07) - Accounting Standards and Bank Balance Sheets(31:25) - Listener Questions and Comments(45:06) - The Sunk Cost Fallacy in Real Estate(45:41) - The Looming Commercial Real Estate Bust(47:51) - The Role of Intangible Assets in Modern Accounting(51:24) - The CPA Journey: Is It Worth It?(52:09) - The Kenneth CPA Hack (01:01:54) - The BOI Reporting Controversy

    Show Notes

    How Remote Work Is Impacting Accounting Firms

    https://cpatrendlines.com/2024/09/22/how-remote-work-is-impacting-accounting-firms/

    2024 KPMG U.S. CEO Outlook Pulse Survey

    https://kpmg.com/us/en/articles/2024/kpmg-2024-ceo-outlook-pulse-survey.html

    Amazon tells employees to return to office five days a week

    https://www.cnbc.com/2024/09/16/amazon-jassy-tells-employees-to-return-to-office-five-days-a-week.html

    Wells Fargo employee found dead at her desk days after she last clocked into work, authorities say

    https://www.cnn.com/2024/08/31/us/wells-fargo-employee-desk-arizona/index.html

    Eric Schmidt Calls Remote Work a Mistake for Google in Disappearing Video

    https://nationalcioreview.com/articles-insights/news/eric-schmidt-calls-remote-work-a-mistake-for-google-in-disappearing-video/

    Audit Firm Prager Metis Settles SEC Charges for Negligence in FTX Audits and for Violating Auditor Independence Requirements

    https://www.sec.gov/newsroom/press-releases/2024-133

    Beneficial Ownership Reporting Outreach and Education Toolkit

    https://www.fincen.gov/boi/toolkit

    BOI requirements roll along despite concerns about too little outreach

    https://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html

    Property Fraud Allegations Snowball as Commercial Real Estate Values Fall

    https://www.wsj.com/real-estate/property-fraud-allegations-snowball-as-commercial-real-estate-values-fall-492d964c

    Nearly a Quarter of Office Space in the U.S. Will Be Empty by 2026

    https://www.cpapracticeadvisor.com/2024/07/01/nearly-a-quarter-of-office-space-in-the-u-s-will-be-empty-by-2026/107376/

    Big Banks are Taking Hits from Commercial Real Estate

    https://www.wsj.com/finance/banking/commercial-property-loans-real-estate-banks-249a43b9


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  • Intuit Launches ERP, China Fines PwC, OpenAI's New Model

    Intuit Launches ERP, China Fines PwC, OpenAI's New Model

    · The Accounting Podcast

    Blake and David explore Intuit's new Enterprise Suite, a product that appears to compete with NetSuite in the mid-market ERP space. They also
    discuss a major audit failure by PwC in China related to Evergrande, raising concerns about the ethics and integrity at large accounting firms.
    They also discuss the tragic death of a young accountant at EY in India due to overwork and explore the implications of OpenAI's latest model
    outperforming humans on IQ tests.

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    Chapters
    (01:32) - Intuit's New ERP System(03:43) - Target Market and Pricing Concerns(06:11) - Comparing to Competitors(18:18) - PwC's Massive Fine in China(19:04) - Evergrande's Financial Collapse(26:59) - The Bigger Picture of Audit Quality(30:08) - Australian Accountants and the PwC Debacle(31:05) - Tragic Death of EY Employee in India(33:16) - The Hypocrisy of Overwork in the Big Four(40:42) - OpenAI's New Model: A Game Changer(49:43) - Driverless Cars: The Future of Transportation(53:15) - NASBA's New Competency-Based CPA Pathway(01:01:23) - Conclusion and Farewell

    Show Notes

    Intuit Introduces Intuit Enterprise Suite to Help Businesses Grow, Streamline Operations, and Scale

    https://investors.intuit.com/news-events/press-releases/detail/1213/intuit-introduces-intuit-enterprise-suite-to-help-businesses-grow-streamline-operations-and-scale

    PwC faces record fine over Evergrande audit in China

    https://finance.yahoo.com/news/pwc-faces-record-fine-over-131518742.html

    Death of young Ernst & Young employee raises questions about workplace culture

    https://www.nbcnews.com/news/world/death-young-ernst-young-employee-raises-questions-workplace-culture-rcna171945

    Comparison of Models: Quality, Performance & Price Analysis

    https://artificialanalysis.ai/models

    Waymo significantly outperforms comparable human benchmarks over 7+ million miles of rider-only driving

    https://waymo.com/blog/2023/12/waymo-significantly-outperforms-comparable-human-benchmarks-over-7-million

    AICPA, NASBA propose a new pathway to CPA licensure

    https://www.journalofaccountancy.com/news/2024/sep/cpa-competency-based-licensure-pathway.html

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    Transcripts

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  • How Kenyth Got His CPA Credits in 3 months and 36 Days

    How Kenyth Got His CPA Credits in 3 months and 36 Days

    · The Accounting Podcast

    Blake and David meet with Kenyth Holdefer, who shares his unconventional path to becoming a CPA. Kenyth details how he obtained his bachelor's and master's degrees in just over four months through Western Governors University's competency-based education model, followed by passing all four CPA exams within six months. Kenyth highlights his transition from a successful career in mortgages to public accounting, emphasizing the potential for alternative educational paths in addressing the accounting profession's talent shortage.

    Meet Our Guest, Kenyth Holdefer

    LinkedIn: https://www.linkedin.com/in/ken-holdefer-101745105/

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  • SuiteWorld Recap & Bookkeeping Startup Raises $200M

    SuiteWorld Recap & Bookkeeping Startup Raises $200M

    · The Accounting Podcast

    Back from SuiteWorld, Blake and David discuss key takeaways from Oracle NetSuite's conference, including product updates and the event's growing scale. They also examine recent fundraising in the accounting-tech space, notably bookkeeping startup Finally's $200 million Series B round. Moving on, there's Big Four firm news, including PwC's layoffs and return-to-office policies, as well as a viral TikTok trend exploiting a Chase Bank ATM glitch.

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    Chapters
    (00:46) - Recap of Oracle SuiteWorld Conference(02:26) - NetSuite's Growth and Market Position(12:48) - Product Announcements and AI Integration(18:56) - Listener Questions and Career Advice(26:03) - Bookkeeping Startup Raises $200 Million(29:13) - Exploring All-in-One Bookkeeping Services(30:03) - The Future of Accounting Software Market(31:31) - Mercury Bank Acquires Teal(32:12) - Challenges in Automated Bookkeeping(35:39) - Consolidation in the Financial Services Industry(38:44) - Viral TikTok ATM Glitch Exploits(42:18) - PwC Layoffs and Office Policies(50:09) - Deloitte's Olympic Gold Medalist(54:58) - Career Advice for Tech and Accounting Professionals

    Show Notes

    Oracle NetSuite – SuiteWorld

    https://www.netsuitesuiteworld.com/

    Accounting Software Market Size With Growing Demand and Forecast to 2032

    https://www.linkedin.com/pulse/accounting-software-market-size-growing-demand-qsgic/

    Mercury acquires Teal

    https://mercury.com/blog/inside-mercury/mercury-acquires-teal

    Revolut Business Adds Bill Pay Feature

    https://www.pymnts.com/news/b2b-payments/2024/revolut-business-adds-bill-pay-feature

    Paylocity Announces Definitive Agreement to Acquire Airbase Inc., a Leading Spend Management Software Solution Provider

    https://www.airbase.com/press-release/paylocity-announces-definitive-agreement-to-acquire-airbase-inc-a-leading-spend-management-software-solution-provider

    The Chase ATM 'glitch' that went viral is likely check fraud, bank says

    https://www.usatoday.com/story/money/2024/09/03/chase-bank-atm-glitch-fraud/75058813007/

    PwC Laying Off 1,800 Employees in First Formal Cuts Since 2009

    https://www.wsj.com/articles/pwc-laying-off-1-800-employees-plans-restructuring-of-products-business-b5dfe7c1

    PwC tells employees it will use location data to police 'back-to-office' rule

    https://www.ctvnews.ca/business/pwc-tells-employees-it-will-use-location-data-to-police-back-to-office-rule-1.7031968

    PwC Isn’t Used to Being Called Desperate But Here We Are

    https://www.goingconcern.com/pwc-isnt-used-to-being-called-desperate-but-here-we-are/

    Deloitte rower earned gold at Paris Olympics

    https://www.accountingtoday.com/news/deloitte-rower-earned-gold-medal-at-paris-olympics


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    Transcripts

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  • Why EY Has The Worst Big Four PCAOB Deficiency Rate

    Why EY Has The Worst Big Four PCAOB Deficiency Rate

    · The Accounting Podcast

    In our 400th episode, Blake and David dive into the controversial world of audit quality and Big Four accounting firms. They also discuss a listener's critical email about their audit coverage, explore recent audit failures and deficiencies, and debate the underlying incentives in the audit industry. The discussion turns to workplace culture issues at major firms and potential solutions to improve audit quality.

    Sponsors
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    Chapters
    (01:05) - Listener Email: Criticism of Audit Discussions(01:59) - Reading and Responding to Connor's Email(05:19) - Understanding Audit Deficiencies(07:46) - Audit Quality and Deficiency Rates(13:26) - EY's Audit Deficiency and Industry Comparison(15:28) - The Business Model of Big Four Firms(19:13) - Challenges in the Audit Profession(19:39) - Listener Feedback and Commentary(35:33) - Super Micro Accounting Scandal(43:53) - AI's Impact on Auditing(44:11) - The Tipping Point: Media Coverage and Reactions(44:40) - Audit Issues and Historical Context(46:10) - The Role of Consulting in Audit Firms(48:04) - Materiality and Audit Quality(51:32) - The Future of Auditing and AI(53:16) - EY's Secret Drinking Club Controversy(01:15:35) - Addressing the CPA Crisis(01:19:10) - Listener Mail and Final Thoughts

    Show Notes

    PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

    https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

    Super Micro: Fresh Evidence Of Accounting Manipulation, Sibling Self-Dealing And Sanctions Evasion At This AI High Flyer

    https://hindenburgresearch.com/smci/

    AI Spotted Super Micro Risks Two Years Before Filing Fiasco

    https://www.forbes.com/sites/noahbarsky/2024/08/30/ai-spotted-super-micro-risks-two-years-before-filing-fiasco/

    EY's PR nightmare: A ‘secret drinking club’, misconduct allegations and resignations

    https://www.stuff.co.nz/nz-news/350292387/eys-pr-nightmare-secret-drinking-club-misconduct-allegations-and-resignations

    Super Micro shares fall 19% on filing delay, Hindenburg Research report

    https://www.cnbc.com/2024/08/28/super-micro-shares-fall-23percent-on-filing-delay-hindenburg-research-report.html

    Who Wants to See How Much Big 4 Revenue by Service Line Has Changed Since SOX?

    https://www.goingconcern.com/who-wants-to-see-how-much-big-4-revenue-by-service-line-has-changed-since-sox/

    PCAOB releases two new, divergent inspection reports for Canadian accounting firms

    https://www.canadian-accountant.com/content/practice/pcaob-inspection-reports-deloitte-kreston-gta

    Rethinking Rankings: The Top 100 Firms — Adjusted

    https://www.vision.cpa/blog/Rethinking%20Rankings:%20Revenue%20Per%20Employee

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    Transcripts

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  • Is Intuit Going Enterprise? In THIS Economy?

    Is Intuit Going Enterprise? In THIS Economy?

    · The Accounting Podcast

    In this episode, Blake and David dive into Intuit's strategic shift towards enterprise solutions, discussing the potential impact on the accounting industry. They also examine some recent economic trends, including the U.S. debt situation and its comparison to historical empires. They then get into audit deficiency rates reported by the PCAOB, highlighting the need for transparency and reform in the auditing profession. There's also talk AI applications in education, recent accounting scandals, and more challenges facing the accounting industry.

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    Chapters
    (01:50) - Intuit's Strategic Shift to Enterprise(04:42) - Intuit's Pricing and Market Position(13:11) - Economic Outlook and Accountants' Perspectives(21:45) - China's Debt and Bankruptcy System(28:52) - Listener Mail and Industry Insights(35:56) - A Compromise Between Hourly Billing and Subscription Pricing(45:33) - AI as a Personal Tutor(46:34) - Understanding SAFE Notes(54:24) - AI in Retail and Business(01:01:47) - Audit Deficiencies and Industry Issues(01:25:34) - Conclusion and Final Thoughts

    Show Notes

    Intuit (INTU) Q4 2024 Earnings Call Transcript

    https://www.fool.com/earnings/call-transcripts/2024/08/22/intuit-intu-q4-2024-earnings-call-transcript/

    6 podcast episodes CFOs should listen to before summer ends

    https://www.cfo.com/news/6-podcast-episodes-cfos-should-listen-to-accounting-podcast-strategic-cfo-360-rockstar-cfo/723667/

    Accountants bearish, mostly

    https://www.accountingtoday.com/news/accountants-bearish-mostly-save-for-their-own-firm-and-clients

    Goldman Sachs Lowers Probability of US Recession

    https://www.investopedia.com/goldman-sachs-lowers-probability-of-us-recession-8697194

    China’s Punishment for People With Bad Debts: No Fast Trains or Nice Hotels

    https://www.wsj.com/world/china/chinas-punishment-for-people-with-bad-debts-no-fast-trains-or-nice-hotels-bde24da2

    Target to Roll Out Transformative GenAI Technology to its Store Team Members Chainwide

    https://corporate.target.com/press/release/2024/06/target-to-roll-out-transformative-genai-technology-to-its-store-team-members-chainwide

    N.J. Accounting Professor Convicted of Tax Evasion

    https://www.cpapracticeadvisor.com/2024/08/19/n-j-accounting-professor-convicted-of-tax-evasion/109210/

    Everyone from the sunken yacht off Sicily has now been accounted for

    https://www.npr.org/2024/08/22/g-s1-18939/tech-mogul-mike-lynchs-body-is-found-as-the-search-goes-on-for-1-more-yacht-passenger

    PCAOB Posts 2023 Annual Inspection Reports Alongside Staff Observations and New Charts To Boost Transparency

    https://pcaobus.org/news-events/news-releases/news-release-detail/pcaob-posts-2023-annual-inspection-reports-alongside-staff-observations-new-charts-to-boost-transparency

    EY Sheds U.S. Audit Clients in Response to Shortfalls

    https://www.wsj.com/articles/ey-sheds-u-s-audit-clients-in-response-to-shortfalls-2ba1172e

    Regulator Explores Naming Companies Tied to Auditing Deficiencies Amid Investor Pushback

    https://www.wsj.com/articles/regulator-explores-naming-companies-tied-to-auditing-deficiencies-amid-investor-pushback-8ee1d1f3

    Auditors failed to raise alarm before 75% of UK corporate collapses

    https://www.ft.com/content/14a63c36-ba27-495c-96c0-3d34460d73cc


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  • Xero Now Does Bank Reconciliations!

    Xero Now Does Bank Reconciliations!

    · The Accounting Podcast

    Blake and David leap into the latest updates from Xerocon, including new features like traditional bank reconciliations, embedded bill pay with BILL and AI capabilities through JAX (Just Ask Xero). They look at Xero's strategy to double and how it compares to Intuit's mid-market growth focus. They also touch on the potential impact of QuickBooks' pricing strategy.

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    Chapters
    (01:01) - Xerocon Highlights and New Features(01:18) - Deep Dive into Xero's Bank Reconciliation(06:13) - Xero's Strategic Focus: The Three by Three Initiative(10:18) - Xero's Market Share and Competitive Strategy(17:52) - Listener Questions and Advice for Aspiring Accountants(21:37) - Xero's Upcoming Features and Integrations(40:46) - Alternative Career Paths in Accounting(41:16) - Xero's New AI Features and Bill Payments Experience(45:53) - Exploring Xero's JAX AI and Its Functionalities(54:04) - Xero's Market Strategy and Competition with QuickBooks(01:01:51) - Xerocon Highlights and Nashville Adventures(01:07:44) - The Mysterious Case of Mike Lynch(01:14:27) - Closing Remarks and Upcoming Events

    Show Notes

    New features announced at Xerocon Nashville

    https://blog.xero.com/product-updates/new-features-xerocon-nashville/

    Intuit cut to Equal-Weight at Morgan Stanley, citing reliance on pricing lever

    https://seekingalpha.com/news/4139926-intuit-cut-to-equal-weight-at-morgan-stanley-citing-reliance-on-pricing-lever

    British entrepreneur Mike Lynch among missing after luxury yacht sinks off Sicily

    https://www.reuters.com/world/europe/seven-missing-15-rescued-after-sailboat-sinks-off-sicily-2024-08-19/

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    Transcripts

    The full transcript for this episode is available by clicking on the Transcript tab at the top of this page

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